New Zealand Property Pulse | Q4 2025

The mood: positive, but grounded

Across the network, agents describe a market on the cusp of renewed momentum rather than a sudden surge.

Around three quarters of agents (79%) expect overall activity to increase over the next 90 days. At the same time, nearly all say buyers remain considered. They are doing their homework, comparing options and moving decisively when the right home and price align.

Vendor confidence is improving. Many owners are preparing to list, yet they understand that presentation, campaign quality and realistic pricing are what secure results in this phase of the cycle.

It is an environment that rewards good advice and well-planned campaigns.

Prices now: stabilising with signs of lift

When asked how prices are moving in their area right now, the majority of agents pointed to stability with an upward tilt: 43% say prices are stable and a further 30% report prices edging up.

This matches what we see in recent REINZ data: a market that has largely found its footing, with key regions starting to show growth again. For sellers, it suggests that well-presented, well-priced homes can achieve strong outcomes and for buyers, it reinforces the value of being prepared so they can act when the right home appears.

Who is active and why

One of the clearest messages from the Pulse is that this is a life-stage driven market.

• Downsizers are the most active group, reported by around 63% of agents*.

• First-home buyers and upsizers are not far behind, each cited by around 55% of agents*.

Rather than speculative buying, most moves are anchored in tangible reasons: children leaving home, families needing more space, school zones, or a lifestyle shift that has been on the wish list for some time.

When we asked what is driving decisions, life-stage change was named by nearly 9 in 10 agents as the top motivator, well ahead of pure financial factors. Personal finances and long-term lifestyle goals still matter, but the dominant story is one of people reorganising their lives, not simply chasing the market.

What buyers want in a home

The preferences agents are seeing at open homes and private viewings reflect this. 

• Standalone houses remain firmly in first place, with around 90% of agents naming them as in-demand*.

• Lifestyle properties sit next, cited by just over a third of agents, followed by townhouses*.

Across all property types, buyers are consistently valuing low-maintenance, liveable layouts and space to breathe, proximity to amenities and schools and homes that feel “ready” rather than “project-heavy”.

Buyers want homes that support their current life stage, not just how a floorplan looks on paper.

Regional signals: where the pulse is strongest

While the New Zealand Property Pulse is a national read, there are clear regional flavours in how the next three months are shaping up.

Lifestyle-led regions stand out as some of the most optimistic. In Queenstown, Wānaka, Taupō, Hawke’s Bay and Nelson–Tasman, agents are more likely to report rising buyer activity and urgency and stronger vendor engagement. These are markets where lifestyle properties are in demand and where agents most often expect activity to increase further over the next three months. 

Our main city markets (including Auckland, Wellington, Christchurch and Hamilton) are strengthening in a more measured way. Agents in these centres typically report buyer activity as stable to slightly higher, with select pockets of stronger demand in well-located, well-presented homes. 

Taken together, these patterns suggest that lifestyle destinations are at the front of the current upswing in activity, while the larger city markets are moving in the same direction, just with a more gradual lift in buyer activity.

The next 90 days: building momentum

Looking ahead, the Pulse points to a market where both activity and choice are likely to increase.

• Close to 80% of agents expect buyer activity to rise in the next three months.

• Many also expect more listings to arrive, as owners who have been “waiting to see” start to feel more confident about launching.

For sellers, that creates a clear opportunity and a clear challenge. Listing into building momentum means more buyers, more enquiry and a stronger chance of competition. At the same time, as more homes come to market, standing out will depend on thoughtful preparation, evidence-based pricing and a campaign that reaches the right audience.

For buyers, the message is equally balanced. More stock may mean more choice, but quality homes – particularly in desirable school zones, lifestyle locations or tightly held suburbs – are still likely to attract strong interest.

*respondents could select more than one option so totals may exceed 100%